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West Virginia Income Maintenance Manual Chapter 5

West Virginia Income Maintenance Manual Page 60 Chapter 5 Assets

5.5.48.C AFDC-Related and SSI-Related Medicaid The following steps are used to determine asset value for AFDC-Related Medicaid: AFDC-Related Medicaid: • Step 1: When the AG Has Only One Vehicle One vehicle is excluded, provided the equity does not exceed $1,500. When the equity of the vehicle is greater than $1,500, the excess amount is an asset. If the client disagrees with the value or the value cannot be obtained, procedures in Step 2 are followed to determine equity. • Step 2: Determining Equity in All Vehicles The listed trade-in value of the vehicle is used, unless one of the following conditions exists: o The client disagrees with the listed value. The client is responsible for obtaining one estimate on form DFA-V-1, Vehicle Estimate. The DOHS assumes any expense incurred in obtaining this estimate, using form BA-67. If the Department has no objection to the client's estimate, it is accepted as the value used in determining equity. The listed value is not used once an estimate has been obtained. If the DOHS determines that the estimate obtained by the client is unreasonable, a second estimate is obtained by the Worker from a qualified appraiser of the Department's choice. Form BA-67 is used to pay for the estimate. This estimate and the client's estimate are averaged to arrive at a value used in determining countable equity. o The vehicle value is not listed. In this situation, the client's statement of the value of the vehicle(s) is accepted unless it appears incorrect. If the statement appears incorrect, the Worker requires that the client obtain one estimate. Form DFA-V-1 is used, and payment, when required, is made by the DOHS, using a BA-67. If the vehicle is listed as junk with the Department of Motor Vehicles (DMV), as indicated on the title of the vehicle, a sale value of $25 is assigned to it, and that amount used as the CMV. In determining the countable value of the vehicle(s), only the equity is counted. Once the CMV is determined, the amount of the periodic installment payment is multiplied by the number of payments remaining. The result is subtracted from the CMV to determine the equity. Only when the client indicates he intends to pay off the vehicle